How do you get a better credit score? If you claim bankrupcy how long can a credit union hold a judgement on u

Answer 1

Credit unions have different operating rules than traditional banks. Normally they are more forgiving than traditional lenders.
However, in this case, it will likely take a long time (as many as 7-10 years) to clear your record.
Your score will improve right away if you begin to make responsible credit decisions and pay on time without over extending.
For a while, you are likely going to be stuck using high-risk credit grantors who charge obscenely high interest rates.

Answer 2

The best way to raise your credit score is to use your credit in an intelligent way. Do not pay off credit card balances monthly. Example: Credit card $500.00 (limit)
Purchase: $300.00
Min pmt: $50.00
Payment you MAKE: $200.00

If you keep the actual balance UNDER 50% of the high credit limit AND you make payments that are MORE than the minimum required payment ON TIME or a few days early, your credit score will rise faster than if you use and payoff. It's not really logical but it proves you can handle and manage credit.

I'm not sure on the lending practices of credit unions in general, but I'd assume that each has different criteria that determines a person's approvability for a loan. I'd also assume that they might be more strict since they are goverened by a union and not an independant board of directors. Try a bank, not affiliated with a union. You may have to move your regular checking and savings business and keep it there for 6 mos or so (we have a smaller banks in our city that practice this). After this time perod has passed, they might loan you some money It would be beneficial if you made a few calls and checked on this in your area.

As far as the bankruptcy goes, most banks and other lenders want you to have re-established your credit (as described above) and keep the payments on time (or early) for a minimum of 24 mos FROM THE DISCHARGE. After the 24 mos has passed, you might quallify for a mortgage if you were interested.

Does that help? I hope so! Good luck!

Answer 3

If the bankruptcy was filed on the credit union, you can never get a loan there again, I filed a bankruptcy only on my home becasue the mortgagae company screwed me over and I lost my home, (two years ago) that was all that was on my bankruptcy, and we are now looking to buy the rental we are in, most banks and credit unions want you to wait at least two years to get another loan, the way to get the credit up, is to get a credit card, if you dont trust yourself to use it, let someone with good money knowledge use it, buy something and pay it off every statement you get, We were lucky becaseu we had a JC Penny card and RC willey card we were caught up on, and we never cancled either, so we still have good credit with them JCP even raised our credit limit this past month. a good score is about 700. Excellent is 900. ( I think) Mine is 650, and that is way good for a two year old bankruptcy.

Answer 4

I definately does not get more suitable charge playing cards! Many lenders use your debt to benefit ratio as well as credit status even as figuring out your loan quantity and in case you get more suitable credit, you'll decrease your ratio. that is what you've accessible to value, not inevitably your stability that you owe. as an instance, once you've 2 charge playing cards with a $500 reduce on them, you've $one thousand debt you need to incur. inspite of in case you do not at the moment owe on them! Banks will look at that. the superb project to do may be to close some mastercard charges that you do not favor and pay down as most of the debt as plausible. you actually have the favor to ensure that your funds are on time and above the minimum if plausible. and also you need to attempt to characteristic some money to positioned down on the domicile and pay your own final expenditures.

Answer 5

Bankruptcy and judgement stay on your credit for up to 10 years. But if you filed for bankrupcty you can get credit cards two years after filling and beging to rebuild your credit.

Answer 6

Read the following articles and you might increase your credit score:

Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581

How to lower your debts?
http://www.askaquery.com/Answers/qn1576.html

How to reduce debt : How to lower your expenses?
http://www.askaquery.com/Answers/qn1577.html

Building Wealth by Reducing Debt
http://www.askaquery.com/Answers/qn1578.html

How to Manage Your Credit Card Debt?
http://www.askaquery.com/Answers/qn1579.html